MESSAGE FROM THE CHAIRMAN OF THE BOARD AND CEO

Daniel Servitje

Chairman of the Board and CEO

For over 65 years, at Grupo Bimbo we have aspired to the highest performance standards. Our principles and values, person-centered, have been the integral complement to the success of a responsible, committed, productive and profitable company.

To Grupo Bimbo, 2012 was a transition year that was defined by the integration of three transformative acquisitions in the U.S., Argentina and Bimbo Iberia (Spain and Portugal). Despite the challenging environment for the global economy, we continue to invest in the modernization of our production platforms and implementing various initiatives to generate savings. This was the first full year of operations of the three acquisitions, strengthening our presence in 19 countries on 3 continents.

The consumption in some of the major markets in which we participate, registered a marginal growth, however the volumes remained stable and with a positive trend in most regions, registering an increase in net sales.

As part of our commitment to the health and welfare of our customers, we continue to transform our portfolio through innovation, product reformulation, the practice of responsible marketing, and adherence to the guidelines of the World Health Organization, promoting together with public and private organizations, physical activity and adopt healthy lifestyles.

In 2012 we concluded one of our largest projects focused on reducing the environmental footprint of our operations. It was inaugurated Piedra Larga wind farm, located in the state of Oaxaca, Mexico, and considered the world's largest dedicated to the food industry. Currently Piedra Larga supplies with clean energy to nearly 100% of our facilities in Mexico. This will avoid the annual fuel consumption and greenhouse gas emissions into the atmosphere in about 65 million liters of diesel equivalent to 180, 000 tons of CO2.

Added to this, we are one of the ten mexican companies that have obtained for thirteenth consecutive year the distinctive Socially Responsible Company granted by the Mexican Center for Philanthropy (CEMEFI). We also continue reporting the CO2 generation rate per ton produced, using among others, the guide made by the Greenhouse Gas Protocol Initiative, GHG Protocol (Greenhouse Gas Protocol) and the Mexico GHG Protocol (Greenhouse Gas)

Furthermore, our safety improved in the year, this is an example of progress that is developing a comprehensive culture in this area.

At Grupo Bimbo we give the highest value to our associates and will continue to make personal safety a key priority.

That's why, making a commitment to the present and future generations, Grupo Bimbo integrates Corporate Social Responsibility into its daily operations of production and distribution in the 22 countries where it has presence, allowing us to align the economic, social and environmental objectives efficiently and responsibly.

I would like to take this opportunity to extend my gratitude to the more than 129,000 associates globally comprising Grupo Bimbo team for their dedication and commitment over the years. I also thank our customers, suppliers, partners and communities to continue giving us your trust and support.

STEERING COMMITTEE

DANIEL SERVITJE

CHIEF EXECUTIVE OFFICER

Joined Grupo Bimbo in 1978; he has a bachelor’s degree in business administration from Universidad Iberoamericana and a MBA from Stanford University. Member of the Board of Directors of Grupo Financiero Banamex, Coca-Cola Femsa, Mexican Institute for Competitiveness A.C., Walmart Mexico Advisory Board of Suppliers, The Consumer Goods Forum, Latin America Conservation Council (The Nature Conservancy).

PABLO ELIZONDO

SENIOR EXECUTIVE VICE PRESIDENT

JAVIER AUGUSTO GONZÁLEZ FRANCO

SENIOR EXECUTIVE VICE PRESIDENT

Chemical Engineer by the National Autonomous University of Mexico (UNAM). Joined the Group in 1977 and with over 35 years experience, he has served as Assistant Director General of Latin America Organization, Assistant Director General of Bimbo Organization, President of Barcel, S.A. de C.V. and President of Bimbo S.A. de C.V. He attended the Advanced Management Program in Harvard Business School.

Miguel Ángel Espinoza Ramírez

PRESIDENT BIMBO S.A. DE C.V.

Joined the Group in 1981, he has a degree in industrial engineering from the Universidad Autonoma de Chihuahua and attended the Advanced Management Program from Harvard Business School in 2006. He was President of the Latin Sur Organization (LAS), President of the Barcel Organization and Commercial Vice-President of Bimbo S.A.

FRED PENNY

PRESIDENT, BIMBO BAKERIES USA, INC.

33 years of experience in the baking industry, serving BBU and its predecessor companies in various roles including Executive Vice President in BBU. He holds a bachelor’s degree in business administration from Long Island University and an MBA in finance from New York University.

GABINO GÓMEZ CARBAJAL

PRESIDENT, BARCEL, S.A. DE C.V.

Joined Grupo Bimbo in 1981; he has a bachelor’s degree in marketing, master’s degree in business administration from the University of Miami. He is a member of the Executive Board of ConMexico and member of the Food Group.

GUILLERMO QUIROZ ABED

CHIEF FINANCIAL OFFICER, GRUPO BIMBO

Joined Grupo Bimbo in 1999; he has a degree in actuarial studies, MBA from IPADE and is a Member of the Board of Directors of Grupo Altex and Fincomún.

Raúl Argüelles

Chief Human Relations Officer, Grupo Bimbo

Joined Grupo Bimbo in 2012. He obtained his degree with Honorable Mention as Industrial Engineer at UNAM and completed an MBA in Science at Stanford University in the area of Administrative Engineering.

REYNALDO REYNA RODRÍGUEZ

CHIEF INFORMATION AND STRATEGY ANALYSIS OFFICER, GRUPO BIMBO

Joined Grupo Bimbo in 2001. Studied industrial and systems engineering and obtained a Masters’ Degree in Operations Research and Finance from Wharton University.

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